Proposed Enhancements to the Companies Act 2014

PUBLISHED: 31st May 2023

A public consultation on proposals to enhance the Companies Act 2014 was launched by the Department of Enterprise, Trade and Employment on 8 May 2023. 

The proposed changes include:

• Amending the audit exemption regime for small and micro companies to remove the automatic loss of audit exemption for late filing of annual returns and establishing a two-step gradual procedure where failure to file an annual for a second time within a five-year period would result in loss of audit exemption.
• Providing companies and societies with the option to hold fully virtual AGMs and general meetings on a permanent basis.
• Delivering on the commitment in the Programme for Government in relation to the regulation of receivers.
• Extending certain reporting obligations to examiners, interim examiners and process advisors.
• Enhancing certain powers for the Corporate Enforcement Authority, the Auditing and Accounting Supervisory Authority and the Companies Registration Office to strengthen the State’s capability to meet the challenges faced in investigating and prosecuting alleged breaches of company law.

Anyone wishing to make a submission in relation to these proposals should do so by 9 June 2023.

If you require assistance or advice in relation to any of the above matters, please contact our experienced Company Secretarial and Corporate Governance team.

Colm Hanley at chanley@lkshields.ie

Michelle Howe at mhowe@lkshields.ie

Patricia Kelly at pkelly@lkshields.ie

Denise Twomey at dtwomey@lkshields.ie

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